https://www.taxtmi.com/caselaws?id=75372 The court ruled in favor of the assessee, holding that income should be taxed on a receipt basis rather than accrual basis under the mercantile system of accounting. The court emphasized that income accrues yearly on receipt of instalments, aligning with the Tribunal's decision and rejecting the Revenue's argument that accrued income is taxable regardless of actual receipt. The court's analysis considered relevant allotment rules and legal precedents to establish that the assessee's profits accrued progressively on instalment payments and were not fully realized until the final payment, supporting the assessee's position on the taxation of income. en-us Thu, 01 Nov 2007 00:00:00 +0530 Tue, 09 Jul 2013 18:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75372 The court ruled in favor of the assessee, holding that income should be taxed on a receipt basis rather than accrual basis under the mercantile system of accounting. The court emphasized that income accrues yearly on receipt of instalments, aligning with the Tribunal's decision and rejecting the Revenue's argument that accrued income is taxable regardless of actual receipt. The court's analysis considered relevant allotment rules and legal precedents to establish that the assessee's profits accrued progressively on instalment payments and were not fully realized until the final payment, supporting the assessee's position on the taxation of income. Case-Laws Income Tax Thu, 01 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75372